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THE INDIANA REAL ESTATE COMMISSION PRACTICE TEST QUESTIONS AND CORRECT ANSWERS LATEST UPDATED

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The Indiana Real Estate Commission Practice Test Questions And Correct Answers Latest Updated

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10 pages

2025/2026

Institution Indiana Real Estate Managing Broker

Course Indiana Real Estate Managing Broker

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THE INDIANA REAL ESTATE COMMISSION PRACTICE TEST QUESTIONS AND CORRECT ANSWERS LATEST UPDATED

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THE INDIANA REAL ESTATE
COMMISSION PRACTICE TEST
QUESTIONS AND CORRECT ANSWERS
LATEST UPDATED 2026\2027
AccordingttotIndianatlaw,tatclaimanttseekingtrelieftfromtthetIndianatRecoverytFundtmusttbetatresidenttoftIn
diana

A.tTrue

B.tFalset-tCORRECTtANSWER-Falset-
tAlthoughtatclaimanttmustthavetcausetduettotantIndianatRealtestatettransaction,tthetclaimanttistnottrequire

dttotbetatresidenttoftIndiana

Whatttypetoftagenttdotyoutthinktatbrokertistintthetmanagingtbrokert-tagenttrelationship?

A.tUniversal

B.tSpecial

C.tGeneral

D.tLimitedt-tCORRECTtANSWER-Ct-
tAgentstaretconsideredttotbetgeneraltagentsttottheirtmanagingtbrokers.tAntagenttwouldtbetatspecialtagenttt

ottheirtclient.

SellertMarytsignstatlistingtagreementtwithtbrokertBilltandthistfirm.tMarytwouldtbettermedtBill'stprincipal.

A.tTrue

B.tFalset-tCORRECTtANSWER-Truet-
tSincetMarytcontractedtwithtBillttotselltherthouse.tMarytwouldtbetBillstprincipaltandtBilltistthetagent.

Sub-agencytistatrecognizedtagencytrelationshiptintIndiana

, A.tTrue

B.tFalset-tCORRECTtANSWER-Falset-
tThetIRECt(tIndianatRealtEstatetCommission)tandtthetLegislaturethavetworkedttogetherttoteliminatetthistcon

fusingttypetoftagencytandtistnowtprohibited

Intant"IntHouse"ttransactiontdualtagencytistalwaystthetsituation

A.tTrue

B.tFalset-tCORRECTtANSWER-Falset-tIntIndianatiftthetbuyertdoestnotthavetatbuyer-
brokertagreementtintplace,tthetbuyertistonlyttermedtatcustomer,tthereforetdualtagencytwouldtbetantimposs
ibility.

EffectivetJulyt1t2014,tatCommercialtbrokertnottresidingtintIndianatcantcarrytouttthetfunctionstoftantIndianat
BrokertwithouttbeingtlicensedtintIndianatastlongtasthetortshetcantshowtgoodtstandingtinttheirthometstatetan
dttheytmusttproperlytaffiliatetthemselvestwithtantIndianatBroker.

A.tTrue

B.tFalset-tCORRECTtANSWER-Truet-
tAtconditiontfortantouttoftstatetcommercialtbrokerttotdotbusinesstintIndianatwithouttantIndianatlicensetisttot

providetevidencetoftgoodtstandingtinttheirthometstate.

Whichtfiduciarytdutytistowedttotatclienttbuttnottowedttotatcustomer?

A.tKnowledge

B.tFairness

C.tObedience

D.tHonestyt-tCORRECTtANSWER-Ct-
tObedience,tUndividedtLoyalty,tDisclosure,tConfidentiality,tAccountingtandtReasonabletCaretaretalwaystow

edttotatclient.tHowevertwhentsomeonetistonlytrepresentedtastatcustomertfairnesstandthonestytaretatmust.

Choosetthetsituationtthattdoestnotthavettotremaintconfidential

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Uploaded on: April 22, 2026
Number of pages: 10
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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